tv The Willis Report FOX Business January 20, 2013 10:00pm-11:00pm EST
jobs. without the income tax they were forced to limit the growth of their government. every state has prisons, schools but they find a way to fund those for less. those nine states gained population from other states, increase jobs four point* 9%. the other states declined. competition between neighboring states keeps them from indulging. new hampshire kept vermont politicians from going crazy. the exisnce of arizona and nevada teacher the california legislator from going crazy. they still do despite so many people moving. but it is good we have
places like texas. smaller government meansfor com. bill see you monday. ♪ ♪ gerri: hello, everybody. i'm gerri willis. more taxpayer waste from the obama administration. you're not surprised. a new report says millions of dollars for great energy and the 2009 stimulus package went to foreign companies. with more on this and, senior political columnist for the washington examiner. it's great to see you again, as always. i mean, look at the dollars and
sincere. 16 billion for the green energy program. one out of $4 went to foreign companies. does that make any sense you? >> this is what happens when the government tries to get in a situation of picking winners and losers. it doesn't even do that very well. they're trying to reward the american companies. oh, here is a subsidy for installing windmills or installing solar panels. guess what, a good chance they are going to be made overseas. a good chance that a lot of these subsidies are going to go before companies. and this is been true in many government programs, not just obama's stimulus, but obama through the stimulus really ramped up the degree of the government handing out money to green energy. gerri: france, spain, japan, italy, you name it, are cut money when all over the planet. here's the thing that is really frustrating. permanent and temporary jobs created, just a thousand. the average cost, $1 million if
you do the math. none of this makes sense. our taxpayer dollars are being wasted yet again. gerri: and the fact is that the people making money off of this often are the people, the lobbyists to live -- line up the subsidies and make sure that congress creates them and then their clients get them. sometimes the investors in these three energy companies to make lots of money get the subsidies, pocket it, and then bail. the idea of long-term job creation is not necessary for the lobbyists and some of these early investors to make their profit. gerri: here is a look at what the administration says when you attack them on what we're talking about right here. book. the subsidiaries of foreign companies doing business in the u.s. hire american citizens. what's wrong with that. he said? >> the profits in the overseas. also at the same time a lot of times american companies would get the subsidies and use
oversees labor and then the white house says, well, it's an american company, even if the wind turbines are being manufactured in spain. still it's an american company. they have it both ways. the american company making it overseas, they take credit. a foreign company where some of the jobs, mostly temporary installation jobs here in the u.s., they also take credit. gerri: of want to point out to people. the effort about solyndra. i know all about. this is a totally different program. a different program than the solyndra program. this is additional moneys being misused. an additional point on green energy that you brought up in your column, the venture capitalists are starting to take a step back concrete energy. why is that? >> well, a lot of venture capital started flowing into great energy around 2007 when the energy bill, remember, the democratic congress and president bush passed an energy bill with lots of great energy subsidies. of course, obama came in and
have the stimulus and all sorts of regulations. mandates requiring people to investing in energy. a lot of this, the idea was the subsidies would get the technology up and running in that it would be able to compete well, the subsidies have been there. some of the merc is appearing, some expired. when the subsidies disappeared, most of these technologies, almost all that -- none of them can compete with things like coralline gas and coal. gerri: that tells you -- >> the subsidy money was wasted and that if we let these things compete in the free-market the wind and solar and some of these other green technologies are not worthwhile. we are just -- the taxpayers are wasting money on ratepayers. gerri: i'm happy to have great energy developed in this country of all kinds. please, go do it. keep my taxpayer dollars out of it. that's what i said. >> and i think a bipartisan approach to this could be -- there are subsidies out there
for welland : natural-gas. let's remove those and stop these green energy subsidies. it might be that on a local, regional level something like ethanol might make sense in iowa. wind might make sense if you have something going on. we don't have to do this big national plan called a let them all compete on an even playing field. get rid of oil and coal and natural gas subsidies. i think that should be a bipartisan compromise. gerri: and we get to keep all that money. thank you for coming out tonight. have a great weekend. >> you, to. gerri: from bailing of green energy to building of the big banks. we are doing it again. regulators reached agreements this month with 12 major banks including goldman, morgan, bank of america, wells fargo and the list goes on. you know the usual suspects. under the deal the lenders will pay around $9 billion to compensate people who were wrongly foreclosed upon as a result of things like robosigning.
many consumer advocates complain that big banks for getting off easy. now it turns out it is an even sweeter deal than we thought. the 9 billion is all tax deductible. the irs says the compensation to homeowners as the cost incurred in the course of doing business and is not a fine or penalty but the result of wrongdoing. i say if they didn't do anything wrong there probably wouldn't be showing -- shelling of billions of dollars. we should not be footing any part of the bill for the mistake . as one homeowner put it, the government comes after us for every little bit of money we have. that's because we aren't too big to fail. we just have to bail out the ones that are. that's what i think. now we want to know what you think. here's our question. should banks be allowed to deduct the mortgage settlement? log on to gerriwillis.com, vote on the right inside the screen and all share the results of the end of the show. not to the latest developments in the hostage situation in
algeria. one american reportedly dead a takeover and natural gas plant by islamic militants. algerian news agencies report around 100 foreign workers are freed. the fate of 30 other foreign energy workers remains uncertain today militants' offering to trade to captive americans for to terrorists jailed in the u.s., but that was quickly shot down by the defense secretary. all this could have a major consequence of the price of oil. want to bring in a senior market analyst for the price futures group and the fox business contributor and a resident scholar at the american enterprise institute and former pentagon official. all-star which you. tell me, what's going on in the oil market today as a result of what is going on? >> the prices have been pretty stable on oil, but we saw huge jump up in the u.k. natural-gas market. as we know, algeria is a major supplier of natural gas to europe. because of those concerns with some big spike in the market
yesterday. and that think the larger concern, one of the things we have to realize is that in this world of terror, every time we fill up at the gas tank return all light bulb, we're already paying the terror premium that is built into the price. the biggest concern for energy traders in the energy markets is that this type of attack that happened in algeria happens in other places. >> we have seen it in the past. miching algeria be a primary supplier of net gas, number three. that is critically important. a return to your now. i thought al qaeda was dead. that is what i was told by the democrats. >> you have to give the president credit. the second he announced the death an expiration date was put on all the intelligence which recaptured within. so more than a year on we are again fighting blind. the president really needs to get out. it's clearly not true.
gerri: i was talking earlier about how this has happened before. we had a tax onpipelines, oil facilities. it happens over and over again. is this gettin more serious? do you see a change in intent? >> i think it is. early on, one of the main goals of al qaeda was to take over energy, even back in the days of babylon. take over the saudi arabian oilfields, blow them up, do the same thing. but what's even larger is the concern that the terrorists are able to get control of such a large facility. now, luckily this area where they're at right now is pretty desolate but could you imagine if they got into a populated area, took over and natural gas plant or an oil plan and let it explode? it could have a devastating impact. i hope the whole world was on high alert today.
you know, this is a reminder that there are still a lot of dangers out there in the world. gerri: do you think that is what they're aiming for? polling of one of these facilities? >> ultimately that is on the menu. you look at the platforms, and one weaker so before this attack , there were talking about setting sites on morocco. remember, of all the fanchisees , that a queue item which is in part responsible for this attack, it's the one that spans the most countries, it spans seven countries. if we talk about what the danger of the closure of the strait of hormuz, if you have serious islamism and insurgency al qaeda presence of morocco clemens and what that could do to international shipping industry of gibraltar? gerri: the pets are high. it's interesting because we just had an increased expectation for oil demand in 2013. the numbers coming out show that people are going to want more oil, not less.
are we going to see oil prices go through the roof here? if. >> i think there's a better chance that the threat of demand -- the threat of terror will drive prices higher. we just get new evidence today that the u.s. is an energy powerhouse, producing the most loyal with the biggest increase since before the civil war. and in a weird way that is changing the global energy balance. and a great way. i mean, it's going to change the world. hopefully it's going to a, you know, change that taxes. i think the bottom line here windy like energy this year, were coming from a very low level of demand. demand is going to go up. we have new supplies, new things like fracking. that will keep that under control. but that threat of terror, we're
paying for it every day. whether it be iran, al qaeda, and it is a sad world we live in, but people have to realize, these type of things have a negative impact on the economy. the senate that we can beat this debt the better it's going to be for everybody. gerri: last word. tell me, are drones enough to take care of this problem? >> the bottom line, but we have to learn is that we cannot afford billiard. terrorists love a vacuum, and wherever it develops kamal to leave, to pose a threat to the united states. next year it could be afghanistan. we have to be on guard. gerri: thank you for coming on. great job. you guys really explained it all. thank you. >> thanks. gerri: if you're fired up about this or any of the issues, a drop me an e-mail. >> coming up on "the willis report," unemployment is higher.
could it be because he has gone awful year without meeting with his jobs council? we tackle this and more house republicans finally unveil their new debt ceiling deal. we examine the good combat command ugly with americans for tax reform president gror norquist later. one ohio teacher said she has a crippling fear of being children, but is still being forced to work with them. she says it is discrimination. we have to ask our legal team about this outrageous case. for on the case next on "the willis report." ♪
back in unemployment was eight and a half%. today it has fallen. it has fallen, but not far enough. and i would like to tell you that the jobs council is on the case tried to drive us to zero on employment, but the truth is it is not met in the year. the 26-member panel officially known as the president's council on jobs and competitiveness last convened on january 17th 2012. their mission expires at the end of the month unless obama extends its tenure. no surprise the group does not have that much traction. led by ge ceo. now, while he has his admirers, the company has received loves of negative press for cutting jobs at home while hiring overseas. as reported, a year ago in just one decade under his tenure ge cut 34,000 jobs in the u.s. but added 25,000 offshore, overseas. that's according to press reports. also, the american express ceo, the same month the council was
formed the credit-card company announced plans to close the customer service center north carolina and cut 1500 jobs. led the group to not meet for months. after the sessions last set january it did not meet again for six months. ce and union leaders argued some did not want to be seen with the president during the height of the campaign. unbelievable. add jobs council that won't council. what we need it was an effort to support the small business community in this country, which employs 52 percent of all workers, more than half. 99 percent of all independent enterprises employ fewer than 50 people. getting a list of fortune 500 ceos to fix the nation's jobless problem is a little like asking the incredible stuff by real crime in the real world. nice, but not practical. a lot more still to come, including a former porn star who ended up teaching. she gets kicked out of the classroom. is it legal? we will debate.
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with more on this, grover norquist, president for americans for tax reform. great to have you here. other republicans doing the right thing? >> i think so. there are three tools the republicans have to force obama to focus on spending, which she does not want to do it and will do unless forced. first is the sequester which starts march 1st or 2nd. that is a hundred billion dollars per year. that is the real cut in spending that will happen. the other one is the continuing resolution which starts march 4/7. we have a continuing resolution. they are the republicans that can put obama on a very short leash and only give him a continuing resolution for a week for two or three. cut the spending each time. those are two very powerful mechanisms. gerri: you don't in addition of the purse strings on the debt
ceiling to use that at the a lever and give the president to stop spending? >> i didn't say that the man at the day. they just moved it back. gerri: what do you think? should they use the debt ceiling? >> ultimately, short. two tools that are very real and very powerful coming up. obama has tried to demonize the debt ceiling. okay. set it back with a condition. okay democrats in the senate. you have not passed a budget in three years. the reason why the democrats have control of the senate is that harry reid has said democratic senators in the witness protection program with ever -- whenever budget issues come up. twenty democrats are up for election in 2014. half of them should not be coming back of the continue to vote with obama on tax and spend crazy debt policies which is what they have been doing. i think it is very important for the american people to see what the senate has not done and to
force them to act but that. gerri: you sure can't act -- argue with that. the senate has not passed a budget and 1,361 days. let me get a comment. it would stop pay to members of congress if they don't do some of these things, if they don't get a budget resolution. you in favor of that? >> i think it's a good idea for two reasons. senators have not been doing democratic leaders have not been doing their job for a long time. they should not get paid. if they're not willing to do it, the senate should vote them out of positions. also, it gives the attention of average americans who don't know if they have been watching the establishment press that the senate has no passed a budget. they don't know that the president has never gotten a budget in on time in the once he does to are not serious. and so we're going to have to have some focus on that if we are going to assign correct
blame. gerri: i have to tell you, regular americans as you describe them know what happens if they don't do their job. they get fired, don't get paid. i have to ask you about this gao report. they failed to audit the government consolidated financial statements because you can't. they are a mess. you cannot understand them. this happens every year. >> well, the government says it needs to be audited, and that it doesn't pass the audit. i think this administration has been very bad on exactly the issue they said there were going to be gone, which is transparency. i think that one of the fights that we need to have if we're going to have honest and accurate budget is to get real numbers and real understanding of assets. a fortune 500 company behave the way the united states government it the sec would be all over the broad. gerri: that's right. there would be. it's all gimmicks and tricks.
thank you for coming on ensuring a friday evening with us. have a great weekend. >> you, too. thank you. gerri: thank you. meanwhile, if you the president obama was done campaigning, think again. his political machine is being turned into a nonprofit group to rally support. the group called organized for action will have tax-exempt status and it also means it can lend at supporting but cannot support a particular candidates which probably would not bother them since their canned is already elected. the group will be run by obama's former campaign manager and will be funded mostly with corporate donations. more evidence the obama team is more interested in making their main man look good than fixing the problems facing this country coming up, our banks taking you for a ride and it comes to add to it -- debt collection? the top five. who has been named the most eligible bachelor. ♪
gerri: federal appeals court has upheld the wisconsin law stripping public workers of bargaining rights. in 2011 that sparked massive protest especially from teachers' unions. with the fight over organized labor they tried to do challenge the legality but today the appeals court judge says natalie it is constitutional to be upheld in its entirety. victory for scott walker who
just won his reelection. we are bringing your roundup of the most ridiculous court cases with kids in the classroom for a retired teacher suing the school board they discriminated against her clinical beer of children. plus the porn star. starting in cincinnati she said i am a teacher but i have the fear of kids? >> this will be thrown out. three parts already have federal the. after decades of teaching in the high-school level two is being demoted to the middle school then sheeveloped a fear children. i don't think a teacher will prevail.
gerri: the doctor said to is unable to control blood pressure that opposed a stroke risk. the mental anguish is serious and of the nature nobody could be expected to endure. should this woman prevail? is and she just trying to get money? >> disagree. she has a good claim that has survived. this was not dismissed. she has a legitimate ailment and complete. and they did not try to place in another area of the school but retaliate the tissue made comments to parents. >> they did not retaliate, they did not fire her, less kids in the
high-school, less demand for the french program they said you have to go where they need is to the middle school. >> they put her where they knew she would have a problem documented through 1991. >> she had it arachnid phobia. >> but she is not teaching spiders. >> she is not teaching with the same people. gerri: they say it is the lculated effort to squeeze her out of a job now sheik claims age discrimination. >> she is 61 years old. there is some look at retaliation because of age. but not like children?
it makes of mockery of the american disabilities act. people really are retaliated against. [laughter] gerri: let's get to the porn star. there is a story who was in films and when her students found out she started to lie. should she keep her job? >> absolutely. a turkey is a turkey. these of the opinions of individuals to disagree with her morals. she was an excellent moral. quote the students doing to find it? i represented a lot of church -- teachers.
the school board does not tell the parents their students are taught. gerri: day absolutely should. >> if you take out the porn star element but she lied about it on the application and said i was too embarrassed. it is not morality but lying issue. >> what do we do about the schools you don't tell the parents and students? now in matters. gerri: is of the responsibility on her shoulders to be honest about her work experience? [laughter] >> i don't think she did anything wrong. >> a lot of people don't put things down but do not get
fired as a result. gerri: you think the parents and the school district are embarrassed and upset. but don't they have a claim? seriously. would you want your kids being talked by a porn star? >> face it. it is a serious question. just because you engaged with consensual adult? >> in front of the camera. >>. melissa: your students taught by somebody who lied on their application? >> she did not lie. she dinot disclose the
complete histy of her work which ochers many times. gerri: would you want your teacher to be taught by a former porn star? >> what about your doctor? president or congressman. gerri: it is different when you set the example a totally different kettle of fish. we appreciate your time. please come back soon. d1 to your kids taught by a porn star? now the fun friday top five. town and country magazine the world's most eligible bachelors. number one, 35 year-old second young guest speech writer ever made the "time"
magazine most influential list and plays the piano. number for the 26 rolled a superstar in argentina as the leading polo player. just like his father. number three. 43 year-old son to ralph lauren member to adams got a hottest golfer out there just had a crushing defeat at the last british open. number one prince harry has big shoes to fill following his brother's wedding and may not be the next in line to the throne but love a guy in uniform. also tim to go and did jack nicholson made the top 40.
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what is going on? >> a lot of consumer credit card debt. they don't pay then it is delinquent. and the question is to they have the documents to prove they know the deck? gerri: you have done some good work. the banks did not have the goods or when you stopped paying and details were lacking. >> exactly. do you really owe the money? maybe liz legitimate or not. also due process. gerri: yes. they say a few of the money does not matter but if you come after me ought to be able to prove your case people don't understand when it comes to this kind of
debt it is bought and sold like a commodity. some of these companies that collect the debt are light car salesman. >> and banks don't have the original documentation but they will spit out a different balance they don't provide that to the debt collector. are these numbers accurate? believe the got a letter that said 54 paying off your debt then chased by deck collectors for the next three years. gerri: there are mills for this? >> there's a crack between the regulators and the state's. typically these go to state courts but they're not too strict about the documentation.
they don't ask where is the original document? they push it through. if they go to court this suit is withdrawn beuse so few are contested it is a numbers game. gerri: so few even show up. >> said the judge will put a lien on the property then people pay off even though they don't show up. gerri: great job. keep us updated. thank you very much. by $0.2 more on a class offered at yale university. and three straight weeks of gains are you getting a piece of the action? next. ♪
fires were caused by it overcharged by lithium ion batteries. now the battery on the japan flight that made the emergency landing received voltage beyond what it was designed to take. it has taken its toll on the stock now down another half a percent. stocks ending at a five-year high but our regular investors missing on the bull market? it has risen impressively since 2009 but my guest says it has not gotten respect. have jonathan hoenig. thank you for coming. if i spoke to fiver six people they would tell me the stock market is in the dumps. >> it is amazing. you would expect there has
been a tremendous state of bad news and all of the fiscal cliff made investors scared of stocks. gerri: but that is not a good idea to put it into bonds. >> it is dangerous jpmorgan jpmorgan, a city group, ebay , kellogg, 3m, at 52 week high as it is bullish but investors are once burned twice shy. gerri: i hear the big cap six but what about boeing's? we will fix the problem would you buy them now is down? >> that is e reason for my book what you do not. you do not want a bargain.
at the time when so many are strong with a 52 week high do not buy the laggard. gerri: no apple? you are not buying apple? >> if they have the large cap they already own it. the biggest risk is interest rates. they have never seen them rise that they are poised to do that and that will be the big story. gerri: you have the big cap financials but they had great earnings. can they continue? >> this sector is strong. trends tend to persist so people look at jpmorgan or
three and and say it is so high i cannot buy it now. gerri: how you make the distinction? >> most people strangle themselves in the market but it is dollar nothing decision. i am bullish on stocks but i don't buy everything but have a strategic approach. gerri: ebay? >> that is another one. not that everybody knows and owns but that they have avoided. that is heartbreaking that investors have been scared. they feel there is systemic risk. that is the best performing asset class.
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lou: being forced to hand over more than $9 billion the and also deduct those charges and all federal taxes. were bailing them out all over again. sibila to do this? is with some of your pasting -- posting, facebook page. yes. cannot punish all for the mistakes of the few, including defense. the -- they should not be rewarded for bad behavior which they are admitting to in the settlement. can a person deduct a seating ticket? we also asked this. 29 percent said yes by 79 percent said no. log on for our on-line question every day.